Global steel major, ArcelorMittal has said that its plans to invest $30 billion in projects in India might take five more years to materialize because the company realizes that it takes time for the mega projects to come though in the country.

A company spokeswoman said, "While remaining committed to its proposed investments, ArcelorMittal recognises that patience and a significantly longer timeframe are required to realise mega projects in India. As such, we don't expect our greenfield projects materialising in the next five years."

She also said that the process of acquiring land, obtaining governmental approvals and securing raw material are affected by significant delays in the country and thus the project might take five more years to materealize.

ArcelorMittal's Chief Executive Officer, Lakshmi Mittal has informed the company shareholders in Luxembourg that the comoany continues to face difficulties in executing its investment plans in india. He said he expects India projects not to materialize for another five to ten years.

The company had announced plans to set up two steel plants of 12 million tonnes each in Jharkhand and Odisha in 2006. It further announced plans to set up a six-million tonne plant in Karnataka.